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D-Wave Quantum Inc. Stock: price and insider trades · United States
No insider purchase over the last 90 days. The latest was filed 18 Nov 2025.
D-Wave Quantum Inc.: what insiders have been doing
D-Wave Quantum Inc. is a Technology company based in United States. Its directors and officers file their transactions with SEC (Form 4). Over the twelve months to 18 October 2026, 85 filings were filed, from 17 insiders.
Purchases and sales both appear in the filings: 1 purchase (1 insider, €1,549) and 32 sales (7 insiders, €38.5M). The totals do not cover 7 filings with an undisclosed amount. Open-market purchases are the filings investors watch most closely, because the insider pays for the shares out of pocket. Among those who bought: 1 senior executive. Biggest ticket of the year: €20.4M, sold by Baratz Alan e and made public on 23 December 2025.
The latest purchase dates back some time: it was published 334 days ago, on 18 November 2025. Between a trade and the moment it shows up on SEC (Form 4), the median delay is 1 day. US insiders must file a Form 4 within two business days of a trade. Selling is not necessarily a view on the stock: liquidity needs and diversification are common motives.
With 85 filings in twelve months, the company is more active than the median of 19 filings across the 5,816 companies we follow on the same exchange. The full history, which starts in 2022, counts 3 purchases against 55 sales. For the fiscal year to 31 December 2025, the annual 10-K puts revenue at 24.6 m USD and net income at -355.1 m USD.
Elsewhere in the same sector, our signals recently picked up insider purchases at Core Scientific, Inc./tx and Gitlab Inc. Source: insider filings from SEC (Form 4). Past trades are no guide to future returns.
Insider Decl.
195
Thresholds
n/a
Buy Volume
€285,621
3 ops. · all time
Sell Volume
€75M
55 ops. · all time
Who traded when
BuySaleJohn M. Markovich14 sales
Diane Nguyen10 sales
Alan E. Baratz6 sales
John D. DiLullo6 sales
Ghai Rohit5 sales
Public Sector Pension Investment Board3 sales
+4 other insiders
Since the insiders bought
- -21.3%Entry US$23.44 · Close at T+90 US$18.44
- +305.5%Entry US$0.51 · Close at T+365 US$2.08
Entry is the close on the day after publication, the first price a reader could act on. Prices in the listing currency. Past moves are not a forecast.
Analyst consensus: bullish or bearish?
Analysts rate D-Wave Quantum Inc. Strong Buy (bullish), based on 16 analysts. Average price target: US$34.65.
This score ranks the purchase within its own market. A position size is suggested only on the venues of the backtested strategy universe; elsewhere, signals stay on watch. Not investment advice.
Fundamental score
Ranked 17,079 of 24,148 companies
37.8
score / 100
Value24
Quality51
FCF yld-1.7%
Earn yld-7.8%
EV/EBITDA·
ROE-28%
Gross mgn83%
Net mgn·
Debt/EBITDA·
Pillars2/3
Transparent value + quality ranking, distinct from the insider signal.
Financial data
as of FY 2025FY ended December 2025 · cache
US$12.03
Analyst consensus
16 analystsStrong buy
US$18.36Target US$34.65(+188%)US$43.00
Income statement
RevenueUS$24.6M
Gross profitUS$20.3M83% margin
EBITDA-US$348.7M-1418% margin
Net income-US$355.1M-1444.1% margin
Valuation
PER (forward)-31.9x
P/Book4.1x
Beta2.17
Balance sheet & cash
Market capUS$4.6B
Total debtUS$43.5M
Free Cash Flow-US$76.3M
Debt / Equity4%
Profitability & ownership
ROE-28.0%
ROA-10.7%
% insiders2.2%
% institutions55.0%
Last declaration on 16 October 2026
Declarations195 total
4,066 shares@ US$12.03Common Stock, par value $0.0001 per share ("Common Stock")SEC:0001974777-26-000020:0
52,320 shares@ US$12.03Common Stock, par value $0.0001 per share ("Common Stock")SEC:0001098231-26-000012:0
15,859 shares@ US$12.03Common Stock, par value $0.0001 per share ("Common Stock")SEC:0002156505-26-000006:0
3,180 shares@ US$12.03Common Stock, par value $0.0001 per share ("Common Stock")SEC:0002129321-26-000017:0
16,493 shares0Common Stock, par value $0.0001 per share ("Common Stock")SEC:0002160029-26-000004:0
1,132 shares@ US$16.830.0003% mcap100.0% of flowCommon Stock, par value $0.0001 per share ("Common Stock")SEC:0002156505-26-000004:0
27,081 shares0Common Stock, par value $0.0001 per share ("Common Stock")SEC:0002156505-26-000004:1
1,544 shares@ US$16.830.0004% mcap1.5% of flowCommon Stock, par value $0.0001 per share ("Common Stock")SEC:0002129321-26-000015:0
3,191 shares@ US$16.830.0008% mcap1.0% of flowCommon Stock, par value $0.0001 per share ("Common Stock")SEC:0001974777-26-000018:0
1,535 shares@ US$16.830.0004% mcap100.0% of flowCommon Stock, par value $0.0001 per share ("Common Stock")SEC:0002128527-26-000004:0
1,100 shares@ US$18.00050.0003% mcap1.9% of flowCommon Stock, par value $0.0001 per share ("Common Stock")SEC:0001346345-26-000008:0
2,200 shares@ US$16.580.0005% mcap14.3% of flowCommon StockSEC144:0001968582-26-000934
23,850 shares@ US$21.170.0075% mcap29.4% of flowCommon Stock, par value $0.0001 per share ("Common Stock")SEC:0002129321-26-000013:0
4,042 shares@ US$21.170.0013% mcap1.5% of flowCommon Stock, par value $0.0001 per share ("Common Stock")SEC:0001974777-26-000016:0
3,070 shares@ US$16.95170.0008% mcap3.1% of flowCommon Stock, par value $0.0001 per share ("Common Stock")SEC:0002129321-26-000011:0
3,070 shares@ US$16.730.0008% mcap100.0% of flowCommon StockSEC144:0001968582-26-000736
4,066 shares@ US$18.660.0011% mcap1.4% of flowCommon Stock, par value $0.0001 per share ("Common Stock")SEC:0001907982-26-000101:0
3,180 shares@ US$18.660.0009% mcap3.5% of flowCommon Stock, par value $0.0001 per share ("Common Stock")SEC:0001907982-26-000103:0
52,320 shares@ US$18.660.015% mcap2.8% of flowCommon Stock, par value $0.0001 per share ("Common Stock")SEC:0001907982-26-000107:0
8,607 shares@ US$18.660.0024% mcap1.0% of flowCommon Stock, par value $0.0001 per share ("Common Stock")SEC:0001907982-26-000105:0
1,544 sharesCommon Stock, par value $0.0001 per share ("Common Stock")SEC:0002129321-26-000009:0
1,535 sharesCommon Stock, par value $0.0001 per share ("Common Stock")SEC:0002128527-26-000002:0
46,043 sharesCommon Stock, par value $0.0001 per share ("Common Stock")SEC:0001453942-26-000013:0
100,000 sharesCommon Stock, par value $0.0001 per share ("Common Stock")SEC:0001453942-26-000013:2
10,584 sharesCommon Stock, par value $0.0001 per share ("Common Stock")SEC:0001453942-26-000013:3
25 of 195 declarations
About D-Wave Quantum Inc.
D-Wave Quantum Inc. is a U.S.-based quantum computing company listed on the NYSE/NASDAQ under ticker QBTS, with operations anchored in the United States. For investors, it is best understood as a pure-play technology name focused on the commercialization of quantum computing rather than a mature industrial software vendor. Founded in 1999, D-Wave positions itself as the world’s first commercial supplier of quantum computers, giving it a notable first-mover heritage in a sector that is still early in its adoption curve.
The company develops and delivers quantum computing systems, software, and related services. Its business is built around a full-stack model that combines hardware, cloud access, and application tooling. D-Wave’s core commercial platform is Leap, a cloud service that allows customers to access its quantum systems remotely and run workloads through hybrid approaches that combine quantum and classical compute resources. That hybrid layer is important strategically, because it broadens the practical use cases beyond pure research and supports enterprise deployment in optimization, materials science, and selected AI-related workflows.
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D-Wave’s competitive position is unusual. It operates in a highly speculative but strategically significant market, where the long-term opportunity is large yet the commercialization timeline remains uncertain. The company differentiates itself through its specialization in quantum annealing, while also stating that it is the only dual-platform quantum computing company offering both annealing and gate-model systems, software, and services. In practice, D-Wave’s moat today is less about scale and more about technological differentiation, customer access, and the ability to demonstrate real-world problem solving on commercially available systems.
The most important recent product milestone is Advantage2, which D-Wave announced as generally available in May 2025. The company highlighted the system’s improved performance characteristics, Zephyr topology, and suitability for production use cases. D-Wave has also expanded its physical footprint and customer reach through international deployments and strategic relationships, including projects in Europe, South Korea, and the United States. In November 2025, it announced that an Advantage2 system became operational at Davidson Technologies in Huntsville, Alabama, supporting U.S. government applications and reinforcing its exposure to defense-oriented workloads.
In terms of geography, D-Wave has historically been associated with Palo Alto, California, but in 2026 it selected Boca Raton, Florida as its new corporate headquarters and a key U.S. R&D facility. That move underlines its continued U.S. focus while signaling a broader operational reorganization. From an investor’s standpoint, QBTS remains a high-growth, high-risk quantum computing story with meaningful strategic optionality, but also with the typical uncertainties of an early-stage deep-tech company.
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